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It is necessary to have an "insurable interest" in the life of the proposed insured. Stated otherwise, you need to have a "stake" in his/her continued life. That stake can be financial (such as a business partner), or familial (spouses have insurable interests in each others lives), or some combination.
All insurance companies require the existence of an insurable interest, and most states (which regulate insurance) require that it exist at the inception of the policy.
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∙ 13y ago
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Can you take out a life insurance policy on any individual you wish to?
no. there are laws for life insurance policy and is illegal to take it out to any individual
Can i buy a life insurance policy on anyone?
No. You have to have an insurable interest in the person's life in order to take out an insurance policy on their life.
Can a wife take out a life insurance policy on her husband?
yes you can just go to a insurance place and take out insurance policy he will have to be there also,
How long does it take to cancel your life insurance policy?
I have a whole life insurance policy, how long does it take to cancel it, also can I get money back from it.
Can i take out a term life insurance policy then quickly sell it?
No, because Term Life insurance policy has NO cash value.
Can you take out a life insurance policy on your mom if she has HIV?
This may be possible - but it would be most likely a quite expensive life insurance policy.
How does life insurance provide for a family in cases of suicide?
In case of suicide, the insurance company will not provide any compensation for the family of the policy holder. Life insurance will only take care of the family of the policy holder when he does not take his own life.
It is not important to have a life insurance policy.?
It is not important to have a life insurance policy.
Can someone take out a life insurance policy on someone that they do not know?
Why in the world would anyone want to pay that much money for an insurance policy if they did not know the person? Life insurance is expensive.
Can you take out a Life insurance policy on a parent?
Yes, you can take out a life insurance policy on a parent. There must exist insurable interest between the owner and insured of a life insurance policy. There does exist insurable interest between spouses, parents and children, and siblings. So, yes, you can buy life insurance on your parent. Your parent may need to sign the application, answer some health questions, or take a medical exam to qualify for life insurance.
What is the executor on a life insurance policy?
The Policy Holder of a life insurance policy is the executor of the said policy.
Can you collect on a life insurance policy if divorced from the deceased?
You can only collect on the life insurance if you were awarded this at time of divorce. I was awarded the ability to take out a life insurance policy on my ex. as I receive a military retirement which only exists if he is alive. After his death, it would stop, therefore I have the life insurance policy.
